For Immediate Release 4 December 2012
PhosAgro Board of Directors Re-Appoints Maxim Volkov as CEO and
Approves Development Strategy for 2013
Moscow - PhosAgro (or "the
Company") (Moscow Exchange, LSE: PHOR), a leading global vertically
integrated phosphate-based fertilizer producer, announces that its
Board of Directors unanimously re-elected Maxim Volkov as the Company's CEO.
In accordance with PhosAgro's charter, the CEO is elected by the
Board of Directors for a one year period.
PhosAgro's Board of Directors has also voted to allow the
Company's CEO Maxim Volkov to hold
positions in the governing bodies of other companies, including
PhosAgro subsidiaries Apatit and PhosAgro-Cherepovets, where Mr.
Volkov chairs the Boards of Directors.
PhosAgro's Board also approved the Company's development
strategy for 2013. The strategy entails further strengthening of
PhosAgro as a leading global producer of phosphate-based
fertilisers and increasing shareholder value.
Some of the highlights of the strategy include:
* Greater use of the full potential of apatite-nepheline ore through deeper
processing in order to extract marketable concentrates and other products
with high value added;
* Continue modernisation and increases to flexibility of mineral fertilisers
production lines, which will further enable the Company to quickly adapt
its fertiliser production to changes in demand and other market factors;
* Increase output of complex fertilisers;
* Expand product line by introducing specialty fertilisers, technical
phosphates, purified phosphoric acid, etc.;
* Consolidation of ownership in subsidiaries.
The PhosAgro Board also determined the amount to be paid to the
Company's RAS auditor, made certain amendments and additions to the
terms of reference for the Remuneration and HR Committee, and
approved several related-party transactions.
For further information please contact:
OJSC PhosAgro
+7 495 231 2747
Irina Evstigneeva, Head of Corporate Finance and Investor Relations
Timur Belov, Press Officer
M:Communications
Sam VanDerlip
vanderlip@mcomgroup.com
+44 (0) 20 7920 2356
Notes to Editors
PhosAgro is a leading global vertically integrated
phosphate-based fertiliser producer. The Group focuses on the
production of phosphate-based fertilisers, feed phosphate and
high-grade phosphate rock (with P2O5 content of not less than 39
percent), as well as ammonia and nitrogen-based fertilisers.
The Group is the largest phosphate-based fertiliser producer in
Europe, the largest producer of
high-grade phosphate rock worldwide and the second largest MAP/DAP
producer in the world (excluding China), according to Fertecon. PhosAgro is
also a leading producer of MCP feed phosphates in Europe, and the only producer in Russia.
PhosAgro has 2.1 billion tonnes of resources (according to JORC)
of high quality apatite-nepheline ore, representing over 75 years
of production. The Group also controls substantial Al2O3 resources
and has 41% of Russia's rare earth
oxides resources according to the G.P. Luzin Institute of Economic
Problems of the Kolskiy Scientific Centre of the Russian Academy of
Sciences, 2010).
The Group's mines and phosphate rock production facilities are
located in the mountainous areas of the Kola Peninsula in the
Murmansk region of northwest Russia, whereas its fertiliser and feed
phosphate production assets are located near the city of
Cherepovets in the Vologda region and near the city of Balakovo in
the Saratov region of southwest part of European Russia. PhosAgro's
2011 IFRS revenue was over USD 3.4
bln and EBITDA was USD 1.2
bln. The ะก ompany's net debt/EBITDA ratio was 0.43 at
31 December 2011.
For further information on PhosAgro please visit:
www.PhosAgro.com